The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability and attracting investment as the Federal Government seeks to strengthen Nigeria’s economic recovery.
The plan, proposed by the Federal Ministry of Finance, also targets the removal of barriers to economic activities and the accelerated completion of projects expected to deliver direct benefits to Nigerians.
According to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, the endorsement followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
The presentation was made at NEC’s 161st meeting, held virtually on Thursday and chaired by Vice President Kashim Shettima.
Five Priorities of NEC’s 90-Day Economic Plan
The plan identifies five priority areas:
- Improving food affordability.
- Harmonising taxes.
- Completing high-impact projects.
- Removing investment bottlenecks.
- Providing regulated support to households.
NEC also approved the establishment of a national dashboard to monitor ongoing projects across the federation, with emphasis on transparency, accountability and accurate reporting on the use of proceeds from fuel subsidy removal.
Presenting the economic outlook, Oyedele expressed optimism about the progress of President Bola Tinubu’s reform programme and the prospects for further economic recovery.
He identified reducing headline inflation and interest rates to single digits by 2027 as key policy objectives.
Oyedele also stressed the need for coordinated implementation across federal and state institutions to ensure that macroeconomic improvements translate into measurable benefits for households and businesses.
The presentation highlighted targeted interventions, stronger fiscal coordination and the removal of investment barriers as important elements of the next phase of reforms.
Shettima Urges States to Prioritise Living Standards
Addressing council members, Shettima said governments at all levels must ensure that the objectives of Tinubu’s economic reforms translate into improved living conditions for Nigerians.
He urged state governors and relevant institutions to prioritise affordable transportation, better healthcare, employment opportunities and greater financial security.
“The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,” he said.
Shettima described NEC’s discussions on transportation, healthcare, police reform and livestock development as critical to determining how Nigerians experience the benefits of economic progress.
“Our separate jurisdictions must serve a common public interest,” he said, calling for stronger cooperation among the different tiers of government to improve essential services.
On the National Compressed Natural Gas (CNG) Bus Initiative, the Vice President urged state governments to support affordable transport systems that would ease the financial burden on commuters.
He said the programme’s success should be measured by affordability and accessibility rather than the number of vehicles deployed.
“The cost of reaching a livelihood should never consume the livelihood itself. The passenger’s experience must guide our ambition, because the value of public transport resides in the journeys it makes possible. We should assess success through affordability and access, rather than fleet size alone,” he said.
Shettima also urged governors to apply their knowledge of local conditions to national policy decisions, stressing that effective implementation required clear responsibilities and practical agreements between federal and state authorities.
“Our separate mandates must not become competing excuses. Each Governor carries knowledge that no federal document can supply,” he said.
He added that policies should be assessed by their capacity to reduce uncertainty, create opportunities and strengthen public confidence in government.
“Nigerians deserve institutions on which they can organise their lives. Providing that assurance is among the most consequential uses of public authority. That is the assurance we owe them,” he said.
NEC Reviews Ebola Preparedness in FCT
Meanwhile, NEC received an update from the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, on the reported Ebola outbreak in the Federal Capital Territory (FCT).
Pate sought to allay fears of a major public health crisis, assuring council members that Nigeria had the institutional capacity to contain the situation.
He outlined measures to strengthen the national response, including improved coordination and governance, detection at points of entry, laboratory testing, the provision of essential kits and personal protective equipment, and strategic communication.
The minister said 21 state governments had updated their response plans and urged the remaining 15 states to establish appropriate preparedness and response mechanisms without delay.
NEC Directs States to Strengthen Polio Eradication
The council also considered a report by its Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor Muhammadu Inuwa Yahaya.
NEC resolved to direct states to conduct post-campaign reviews, particularly in areas where children were missed during immunisation exercises and communities affected by insecurity.
It emphasised the need for timely release of counterpart funds, stronger routine immunisation, improved coordination with security agencies and closer cooperation among states to increase vaccination coverage.
The council also highlighted the importance of sustained political commitment from governors, traditional rulers and security agencies in efforts to eradicate polio in Nigeria.
NEC Seeks to Unlock Livestock Sector’s Economic Potential
On livestock development, NEC received a report from its Ad Hoc Committee on Livestock Development, chaired by Kebbi State Governor Nasir Idris.
The council acknowledged the sector’s potential to stimulate economic growth, create jobs and improve livelihoods across the country.
It noted that all states had expressed interest in supporting the Federal Government’s livestock development initiatives.
NEC consequently resolved to strengthen cooperation between federal and state governments to accelerate reforms and unlock the sector’s economic potential.
FG, States to Develop Joint CNG and Electric Vehicle Financing Plan
NEC also considered a presentation on the National Affordable Compressed Natural Gas (CNG) Transit Programme by Ismaeel Ahmed, Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles.
The council resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of CNG and electric vehicles across the country.
It directed that the programme must deliver tangible benefits to Nigerians through lower transportation costs rather than focus solely on providing alternative-energy vehicles.
NEC further resolved that relevant authorities should engage transport unions and operators to ensure that savings from adopting CNG and electric vehicles are passed on to commuters through reduced fares.
To implement the decision, the council agreed to establish a committee to coordinate the proposed financing arrangement, engage stakeholders and develop measures to make transportation more affordable, accessible and sustainable.
The decisions form part of NEC’s broader efforts to strengthen economic coordination between federal and state governments while ensuring that policy initiatives deliver practical benefits to Nigerians.
